NZX cash trading gains for 14th straight month in September to $3.4 billion
Cash trading on the New Zealand stock exchange accelerated for the 14th straight month in September.
Hot Topic
SCIENCE
Cash trading on the New Zealand stock exchange accelerated for the 14th straight month in September.
Total trading of $3.4 billion in September was up 33 percent from a year earlier and continues a trend of monthly gains since August 2012, according to NZX's shareholder metrics. Total trades climbed by 48 percent to 107,782 for an average daily value of $164 million. Share trading accounted for most of the transactions, with just 2,582 debt trades worth $84 million.
The stock exchange has benefited from a raft of new listings this year, including the government's partial privatisation of MightyRiverPower as well as the listings of petrol station chain Z Energy, dairy processor Synlait Milk, software developer Wynyard Group and search engine developer SLI Systems. A further boost to the market is expected with the government's sale of its 49 percent stake in Meridian Energy, which is scheduled to list later this month.
About $312 million in new capital was raised by the stock exchange's issuers in September in 23 transactions. Of that, $109 million was in primary equity and $203 million in dual and secondary equity.
NZX's shares rose 0.8 percent to $1.26 and have gained 3.3 percent this year. The stock is rated an average 'sell', based on three analyst recommendations compiled by Reuters, with a median target price of $1.29.
(BusinessDesk)
Tina Morrison
Wed, 11 Jul 2018
Wed, 11 Jul 2018
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZX cash trading gains for 14th straight month in September to $3.4 billion
32748